Israel Discount Bank top shareholder group cuts stake further

TEL AVIV, April 8

TEL AVIV, April 8 (Reuters) - The two largest shareholders
in Israel Discount Bank, the country's No. 3 bank,
agreed to sell a 3.63 percent stake to Citigroup Global Markets
for a total of 235.68 million shekels ($67.59 million).

The 38.28 million shares are due to be transferred on
Tuesday, the bank said in a statement to the Tel Aviv Stock
Exchange. The price of 6.157 shekels a share is a discount to
Monday's closing price of 6.65 shekels.

U.S.-Canadian businessman Matthew Bronfman and New York real
estate investor Rubin Schron, who bought a controlling 25
percent holding from the government in 2005, began reducing
their stake in December, when they sold 7 percent to
institutional investors for 493 million shekels.

Following the latest sale, Bronfman and Schron still hold
38.28 million shares through Treetops Acquisition Group II and
114.84 million shares through Treetops I for a total stake of
14.5 percent.
($1 = 3.4868 Israeli Shekels)
(Reporting by Tova Cohen)